All in all, approximately BRL 11 billion was invested in “Over the course of 2020, we made To help reduce the spread of the coronavirus, Brookfield our businesses in 2020, with a further BRL 33 billion changes to our protocols and procedures and our portfolio companies engaged in philanthropic forecasted investment over the next three years. initiatives focused on several key projects. All in all, we across our portfolio companies to ensure donated more than BRL 32 million to hospitals, NGOs and Elera Renováveis, the new name for Brookfield Energia business continuity throughout the period, charitable institutions in various states. We also launched Renovável, reported results in line with plan, further a corporate 2:1 donation matching program to encourage introducing a number of measures to ensure demonstrating the resilience of the assets even under employees to participate. In all, a total of BRL 250,000 has adversity. The company is implementing a strategy the health and safety of our employees. been donated. focused on the decarbonization of the Brazilian energy With enhanced precautions in place, we were sector. For example, during the year, Elera added three Over the more than 100 years of our history, we believe the solar complexes to its portfolio under development, able to provide the uninterrupted delivery survival of our business depends on these core principles: with an equity investment of BRL 1.6 billion. Among of essential services to Brazilians, including ensuring the well-being and safety of our employees, these, the Janaúba project is set to be the largest solar maintaining strong relationships with the communities in

farm in Latin America, representing an installed capacity water sanitation, natural gas transmission, which we operate, mitigating the impact of our operations > of 1.2 GW, enough to power 1.8 million houses. power generation and transmission, data on the environment, executing business transactions according to the highest ethical and legal standards, and transmission and logistics infrastructure.” In Infrastructure, our investment in logistics business, strictly adhering to globally-recognized ESG principles. We > VLI, benefited from being integrated with the supply continue to make progress in all these areas. and distribution of essential goods. In 2020, VLI 2020 was a year like no other. Despite both the health handled more than 40.8 billion tons per kilometer In Real Estate, high asset valuations in our business were Discussions around diversity and inclusion in the workplace, and economic challenges of the past year, our investment on its railways—an increase of 5% compared with instrumental in our ability to continue to pursue a strategy for example, have become a bigger focus − both in society philosophy continued to prove itself. Through this period, 2019. Another portfolio company—and a leader in the of capital recycling, divesting mature assets in order to and within our operations. And while there is always we delivered solid results across our business in Brazil. Our data center infrastructure sector in Latin America— reinvest in new projects. In 2020, we completed the sale more to do, we believe we are well placed to advance this net operating revenue was BRL 26.9 billion, an increase of Ascenty had the best year in its history, both in terms of three commercial buildings and are investing in new important agenda, both on global and domestic fronts. 12% compared with 2019, and EBITDA was up by 7.6% to of financial results and in terms of new construction, greenfield Triple-A office building projects in the city of BRL 14 billion. We ended 2020 with over BRL 120 billion reflecting the increase in demand for additional data São Paulo. We believe that demand for high-quality office In 2020, our compliance program continued to evolve, in assets under management, a year-on-year increase of centers. With 17 data centers in operation and five space in desirable regions of large metropolitan centers will adding even greater security to our operations. We approximately 17%. under construction in Brazil, Chile, and Mexico, the continue to increase as we see a flight to quality. Another renewed our membership of Ethos Institute’s Business company reported net operating revenue in 2020 that focus of our investments in 2020 was the expansion of our Pact for Integrity and Against Corruption, as part of our Over the course of 2020, we made changes to our was 49% higher than 2019. portfolio of logistics parks in strategic regions and integrated commitment to maintaining ethical business relationships protocols and procedures across our portfolio companies into major urban centers. The growth of these parks is and our zero-tolerance policy in relation to corruption. to ensure business continuity throughout the period, In Private Equity, I would highlight BRK Ambiental’s running parallel to the robust expansion of e-commerce, introducing a number of measures to ensure the health successful bid in the auction to supply water and which was turbocharged by the onset of the pandemic. This There have been many lessons from the past year. Despite and safety of our employees. With enhanced precautions sewage treatment services to about 1.5 million people is a trend that is likely to continue in the coming years. all the challenges, our results were solid. We adapted in place, we were able to provide the uninterrupted in the Maceió metro area, in the state of Alagoas. The to new ways of collaborating and became even more delivery of essential services to Brazilians, including New Legal Sanitation Framework, approved in 2020, The business faced some challenges during the pandemic, resilient—thanks to the support and dedication of all our water sanitation, natural gas transmission, power is an important step forward for the water sanitation most notably within our toll road operations in Brazil. employees. As vaccinations roll out in Brazil and around the generation and transmission, data transmission and business. With opportunities for new investments, During the months of the tightest restrictions on movement, world, we believe we’ll see a global economic recovery and logistics infrastructure. we will continue contributing to meeting the major traffic flows decreased significantly. However, the numbers the continued growth of our businesses, generating jobs challenge of providing universal water and sewage for the last few months of 2020 show us that these and further development in Brazil. We look forward to the Our assets were resilient and reported solid results, treatment services in Brazil − representing a critical operations are already showing signs of recovery, and we next few years with a sense of great optimism. proving out our strategy of investing in high-quality improvement in the socio-economic conditions and are optimistic that traffic flows will return to pre-pandemic businesses that form the backbone of the global economy. health of the population. levels before too long. HENRIQUE CARSALADE MARTINS TABLE OF CONTENTS

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ROOT S IN BR A ZIL A GLOBAL FOOTPRINT PORTFOLIO OF ASSETS UNDER MANAGEMENT COMPETITIVE ADVANTAGES INVESTMENT PRINCIPLES

6 BROOKFIELD 2020/2021 BROOKFIELD AROUND THE WORLD 7

Brookfield around

the > World > With more than 120 years of experience and approximately 150,000 operating employees, Brookfield today is a leading global alternative asset manager, with more than US$ 600 billion in assets under management. It is among the largest investors in the world in commercial real estate, infrastructure, renewable power, private equity and credit.

Today, Brookfield is an owner and operator of high-quality businesses across more than 30 countries, with access to large-scale, flexible capital and a long-term approach to investing. Its deep operational experience enables it to continue creating value for its assets and deliver solid returns to investors. TABLE OF CONTENTS

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ROOTS IN BRAZIL A GLOBAL FOOTPRINT PORTFOLIO OF ASSETS UNDER MANAGEMENT COMPETITIVE ADVANTAGES INVESTMENT PRINCIPLES

8 BROOKFIELD 2020/2021

Roots > in Brazil > Brookfield’s history began in Brazil in 1899 when a group of Canadian and Brazilian investors joined forces to establish the São Paulo Tramway, Light and Power Company, a company responsible for installing street lighting and electric-powered public transportation in the city of São Paulo.

In 1901, the group unveiled the Parnaíba Power Plant, the first hydroelectric plant to supply electricity to the city of São Paulo. In 1905, it constituted the Rio de Janeiro Tramway, Light and Power Company, expanding its activities to Brazil’s capital as it was then. In 1912, the company was already listed on the Toronto Stock Exchange. Subsequently, investments were made in gas distribution and telephony, and in the thirties, the group was the largest public utility company in Latin America.

In the decades that followed, the company acquired and developed assets across a range of different sectors around the world, acquiring solid operational experience in the same areas of business in which it is active today.

In the 1990’s, Brookfield began to increasing its investments in the commercial real estate sector in New York while at the same time making investments in renewable power both in South and North America. In 2001, Brookfield established its asset management business, launching its first third-party fund and inviting other private institutional investors to invest alongside it, and to benefit from its experience owning and operating real assets. Also during that period, the company expanded its activities into Europe, Australia and the Middle East.

Since then, Brookfield has grown into one of the largest alternative asset managers in the world with businesses in more than 30 countries and an owner and operator of Rio de Janeiro Tramway, Light & Power high-end quality assets which form the backbone of the global economy. Company Tram, Rio de Janeiro TABLE OF CONTENTS

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ROOTS IN BRAZIL A GLOBAL FOOTPRINT PORTFOLIO OF ASSETS UNDER MANAGEMENT COMPETITIVE ADVANTAGES INVESTMENT PRINCIPLES

10 BROOKFIELD 2020/2021 BROOKFIELD AROUND THE WORLD 11

A global footprint US$106B Europe & Middle East

US$378B > North America >

US$43B South America

US$75B Asia Pacific

HIGHLIGHTS +US$600B +1,000 ˜150,000 +30 IN ASSETS UNDER MANAGEMENT INVESTMENT PROFESSIONALS OPERATIONAL EMPLOYEES COUNTRIES TABLE OF CONTENTS

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ROOTS IN BRAZIL A GLOBAL FOOTPRINT PORTFOLIO OF ASSETS UNDER MANAGEMENT COMPETITIVE ADVANTAGES INVESTMENT PRINCIPLES

12 BROOKFIELD 2020/2021 BROOKFIELD AROUND THE WORLD 13

Portfolio of assets under management ¹ INFRASTRUCTURE US$94B IN ASSETS UNDER MANAGEMENT

REAL ESTATE US$211B Utilities Data IN ASSETS UNDER MANAGEMENT

~6.9 million 146,100 connections for distribution operational telecom towers of electricity and gas and active rooftop sites

~2,000 km 54 of electricity data centers > transmission lines Office Hospitality 21,500 km ~4,200 km of fiber optic cable & Other of regulated natural and backbone 301 > gas pipelines commercial properties with approximately 15 million sqm 168 of area ~1.5 million hotels smart meters 306 Sustainable triple net lease properties leased to concessionaires Resources Retail 159 Transport student housing 275,000 hectares dedicated 166 13 to forestry investments shopping centers, 136 ports and with approximately multifamily housing one LNG export facility 13.5 million sqm of area 267,000 hectares dedicated 71 to agricultural investments mixed-use assets ~3,800 km of toll roads 103

villas and care centers ~32,300 km of railways Logistics for the elderly

132 logistics parks, with 2.1 million sqm of area Midstream

~15,000 km of transmission Multifamily pipeline

16 ~51,000 natural gas proprietary residential processing plants multifamily units and ~22,000 managed ~600 bfc of natural gas storage

¹ Assets under management also include approximately US$ 18 billion of the Public Securities Group’s operations. TABLE OF CONTENTS

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ROOTS IN BRAZIL A GLOBAL FOOTPRINT PORTFOLIO OF ASSETS UNDER MANAGEMENT COMPETITIVE ADVANTAGES INVESTMENT PRINCIPLES

14 BROOKFIELD 2020/2021 BROOKFIELD AROUND THE WORLD 15

PRIVATE EQUITY US$72B RENEWABLE POWER US$57B IN ASSETS UNDER MANAGEMENT IN ASSETS UNDER MANAGEMENT

Business Infrastructure ~20,000 MW of installed capacity and services • Services for the power 23,000 MW in the pipeline generation industry • Construction of real estate, real estate services and healthcare • Services for the offshore oil services production industry

• Light and heavy vehicle fleet • Services to industrial and Hydro Storage > management and fuel distribution commercial facilities

• Residential mortgage insurance, 7,924 MW 2,688 MW financial lending and advisory, (219 hydroelectric plants) (3 pumped storage plants) > technology services and entertainment Residential & Directly Held Wind Cogen/ Industrials Investments Biomass 5,267 MW¹ • Water and wastewater • Housing and development (142 wind farms) treatment services communities 580 MW (6 biomass-fired and • Manufacturing of advanced co-generation plants) automotive batteries, aftermarket auto parts, graphite electrodes and returnable plastic packaging Solar

• Natural gas production and oilfield services 3,469 MW (5,026 solar facilities)

CREDIT US$148B Oaktree IN ASSETS UNDER MANAGEMENT • One of the largest global alternative investment managers

• Brookfield has had a majority stake in the company since 2019

• Offices in 19 cities and 13 countries

• Operates in the credit, private equity, real assets and listed securities’ markets ¹ Solar and wind assets located in France, Germany, Sweden and the Netherlands are managed by CEE Group (100% owned by Brookfield Asset Management). TABLE OF CONTENTS

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ROOTS IN BRAZIL A GLOBAL FOOTPRINT PORTFOLIO OF ASSETS UNDER MANAGEMENT COMPETITIVE ADVANTAGES INVESTMENT PRINCIPLES

BROOKFIELD AROUND THE WORLD 17

Competitive advantages

GLOBAL PRESENCE OPERATIONAL EXPERIENCE With operations in more than 30 countries, Brookfield’s The operational experience acquired over more than global network of operating employees provides access 120 years as investors and operators of alternative assets

to a large number of investment opportunities around is employed to generate sustainable cash flows, add value,

the world. and produce consistent long-term returns. >

ALIGNMENT OF INTERESTS CONTRARIAN INVESTING > Brookfield invests a significant amount of its own capital Brookfield’s experience shows that the best investment in its private funds, ensuring full alignment of interest opportunities are often found in out-of-favor regions with investors. or sectors.

CAPITAL PRESERVATION LARGE-SCALE CAPITAL Protecting and generating a return on investor capital is at Financial soundness and access to large-scale capital the forefront of how Brookfield views risk. For this reason, enables Brookfield to participate in major transactions in it takes a prudent and disciplined approach to investing. an agile and decisive way. TABLE OF CONTENTS

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ROOTS IN BRAZIL A GLOBAL FOOTPRINT PORTFOLIO OF ASSETS UNDER MANAGEMENT COMPETITIVE ADVANTAGES INVESTMENT PRINCIPLES

18 BROOKFIELD 2020/2021 BROOKFIELD AROUND THE WORLD 19

Investment principles

• TO BUILD BUSINESSES AND RELATIONSHIPS Business BASED ON INTEGRITY

philosophy • TO ATTRACT AND RETAIN HIGH-CALIBER PROFESSIONALS WHO SEEK TO GROW WITH US OVER THE LONG TERM

• TO THINK AND ACT LIKE THE OWNERS OF THE BUSINESS IN ALL OUR DECISIONS

• TO TREAT THE CAPITAL OF THE INVESTORS AND > SHAREHOLDERS AS IF IT WERE OUR OWN > Investment • TO INVEST WHERE WE HAVE A COMPETITIVE ADVANTAGE • TO RECOGNIZE THAT SUPERIOR RETURNS GENERALLY guidelines REQUIRE CONTRARIAN THINKING

• TO ACQUIRE ASSETS BASED ON VALUE

• TO BUILD SUSTAINABLE CASH FLOWS TO PROVIDE SECURITY, REDUCE RISKS AND LOWER CAPITAL COSTS

• TO MEASURE SUCCESS BASED ON TOTAL RETURN ON Measuring LONG-TERM CAPITAL • TO ENCOURAGE CALCULATED RISKS BUT TO COMPARE our success RETURNS WITH RISKS

• TO PRIORITIZE THE VALORIZATION OF CAPITAL OVER THE LONG-TERM RATHER THAN SHORT-TERM GAINS

• TO PRIORITIZE RETURNS OVER GROWTH, SINCE SIZE DOES NOT NECESSARILY ADD VALUE

Brookfield Place, New York TABLE OF CONTENTS

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ASSETS BY SEGMENT IN BRAZIL

20 BROOKFIELD 2020/2021 BROOKFIELDNOME DA IN SESSÃOBRAZIL 21 21

Brookfield

in > Brazil > Brookfield is one of the largest alternative asset managers in the world. Over its long history, the company has achieved a significant presence in strategic economic sectors in Brazil including Infrastructure, Private Equity, Renewable Power, Real Estate and Sustainable Resources. It has operations in 20 states and more than 20,000 operating employees in the country.

Over the past five years, Brookfield has made significant investments in both acquisitions and in the expansion of its operations in Brazil, consolidating itself as one of the largest investors in high-quality assets with a focus on the creation of long-term value. At the end of 2020, the company had more than BRL 120 billion in assets under management in Brazil.

NTS' pipelines TABLE OF CONTENTS

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A S SE T S BY SEGMENT IN BR A ZIL

22 BROOKFIELD 2020/2021 BROOKFIELD IN BRAZIL 23

Assets by segment INFRASTRUCTURE in Brazil BRL59B IN ASSETS UNDER MANAGEMENT

• 3,200 km of toll roads • 4,800 km of railways, 6 ports and 8 intermodal terminals • 2,048 km of gas pipelines • 5,341 km of power transmission lines • 22 data centers in Latin America and 4,500 km of fiber optic backbone

PRIVATE EQUITY

CE PA BRL26B MA RN IN ASSETS UNDER MANAGEMENT PB BROOKFIELD’S ASSETS UNDER MANAGEMENT

PI (IN BRL BILLION) • +25 million sqm of real estate constructed AL

ANNUAL AVERAGE GROWTH RATE: 27% • 16 million people in more than 100 cities attended > with water and sewage services TO SE • ~23,000 fleet equipment for rental of light and heavy vehicles BA > MT 121.3 DF RENEWABLE POWER 103.7 GO 89.2 77.0 BRL18B IN ASSETS UNDER MANAGEMENT ES MG 43.3 • 43 hydroelectric power plants MS • 19 wind farms RJ • 4 biomass-fired plants SP • 34 solar facilities and one hydroelectric power 2016 2017 2018 2019 2020 plant under construction PR • ~1.6 GW of installed capacity

COMMERCIAL REAL ESTATE INVESTMENTS SC EVOLUTION OF NET REVENUE (IN BRL BILLION) RS BRL11B ANNUAL AVERAGE GROWTH RATE: 24% IN ASSETS UNDER MANAGEMENT

• 279,000 sqm of leasable area in office buildings 26.9 • 194,000 sqm of leasable area in logistic parks • 105,000 sqm of leasable area in shopping centers HIGHLIGHTS 24.0 18.7 SUSTAINABLE RESOURCES 15.3 +BRL120B +20,000 20 11.4 BRL8B IN ASSETS UNDER MANAGEMENT OPERATIONAL BRAZILIAN STATES WITH INVESTED IN ASSETS EMPLOYEES BROOKFIELD OPERATIONS

• 267,000 hectares under agricultural investments 2016 2017 2018 2019 2020 • 275,000 hectares dedicated to forestry investments TABLE OF CONTENTS

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ASCENTY NTS QUANTUM V LI ARTERIS

24 BROOKFIELD 2020/2021 INFRASTRUCTURE 25

Infrastructure

Brookfield is one of the world’s largest investors in infrastructure. In Brazil, infrastructure accounts for BRL 59 billion in assets under management.

The company’s portfolio includes highway and rail transportation, power > transmission, gas pipelines and data center infrastructure. >

Quantum's power transmission tower TABLE OF CONTENTS

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ASCENTY NTS QUANTUM V LI ARTERIS

26 BROOKFIELD 2020/2021 NOME DA SESSÃO 27 INFRASTRUCTURE 27

Ascenty is the largest data center company in Latin America. Its connectivity ecosystem includes 22 data centers (17 in operation and 5 under construction) and more than 4,500 km of proprietary high-capacity fiber optic network.

> > In 2020, Ascenty reported significant growth with year-on-year net revenue 49% higher, a reflection of the expansion in the data center ecosystem and the completion of new projects. As a result of the increase in demand for data infrastructure over the past year (given BRL7.5B the pandemic), the company had the best results in its

history. The execution of additional long-term contracts IN ASSETS UNDER MANAGEMENT will enable Ascenty to continue delivering strong results.

Ascenty began operating its second data center at the Internal view of data center Vinhedo mega campus, with an area of 46,000 sqm and a total of approximately 70 MW, making it the largest 22 With world-class data centers and state-of-the-art data center in Latin America in both energy capacity and technology, Ascenty’s clients include the largest global IT constructed area. The company also rolled out its first DATA CENTERS IN LATIN AMERICA, 17 IN OPERATION AND 5 UNDER and cloud service provider companies as well as major data center in Chile, with 6,000 sqm of area and a capacity CONSTRUCTION¹ corporations in the financial and retail sectors and of 11 MW. Its investments in 2020 totaled BRL 903 million. service integrators. During 2020, Ascenty received its ISO 50.001 energy Ascenty’s data centers are located at strategic points management certification for the Hortolândia campus – for data traffic. Of the 17 presently in operation, three selected as the pilot operation for this evaluation. This are in the city of São Paulo, 11 in upstate regions of the new certification is in addition to others already received 4,500km state of São Paulo, one in the city of Rio de Janeiro, one by the company, including: Tier III (measures data center OF PROPRIETARY in Fortaleza (CE) and one in Santiago, Chile. Additional infrastructure and uptime), ISO 14.001 (environmental FIBER OPTIC NETWORK units are under construction in upstate São Paulo, Rio de management), ISO 20.000 (excellence in the provision of Janeiro, Chile and Mexico, growing the company’s existing IT services), ISO 27.001 (data security management), ISO footprint out of Brazil. 37.001 (anti-bribery management), among others. Data center in Jundiaí, São Paulo

¹ Does not include five new data centers announced in April / 2021. TABLE OF CONTENTS

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ASCENTY NTS QUANTUM VL! ARTERIS

INFRASTRUCTURE 29

ASCENTY'S DATA CENTERS IN LATIN AMERICA¹

UNITS ENERGY CAPACITY TOTAL AREA YEAR OPENED

São Paulo I 6 MW 4,000 sqm 2017

São Paulo II 14 MW 9,000 sqm 2017

São Paulo III 4 MW 4,000 sqm 2020

Campinas 6 MW 5,000 sqm 2012

Jundiaí I 15 MW 7,000 sqm 2014 Ceará Jundiaí II 14 MW 9,000 sqm 2019

Sumaré I 14 MW 11,000 sqm 2017

Sumaré II 20 MW 12,000 sqm 2019 Mexico Hortolândia I 10 MW 4,000 sqm 2015

Hortolândia II 7 MW 4,000 sqm 2019

Hortolândia III 3 MW 3,000 sqm 2019 > Hortolândia IV 3 MW 2,000 sqm 2021 (under construction) Vinhedo I 34 MW 21,000 sqm 2019 > Vinhedo II 36 MW 25,000 sqm 2020

Paulínia 14 MW 8,000 sqm 2019

Rio de Janeiro I 10 MW 7,000 sqm 2017

Rio de Janeiro II 3 MW 3,000 sqm 2021 (under construction)

Fortaleza 10 MW 9,000 sqm 2015

Chile I 11 MW 6,000 sqm 2020

Chile II 31 MW 21,000 sqm 2022 (under construction) Chile Mexico I 21 MW 20,000 sqm 2021 (under construction)

Rio de Janeiro Mexico II 31 MW 24,000 sqm 2021 (under construction)

¹ Does not include five new data centers announced in April / 2021.

OUTLOOK São Paulo Over the next few years, Ascenty is expected to continue rollouts expected on all before the end of 2021. reporting accelerated growth in Latin America, driven by the An additional unit is expected to begin operations surge in the technology market and increased demand for in Chile in 2022. data infrastructure. Over the next three years, investments in data infrastructure are estimated at BRL 3.6 billion. In April 2021, Ascenty announced the development of five new data centers in São Paulo, with operations expected Two units are under construction in Brazil – in Hortolândia to begin until 2024. The company also expects to expand (SP) and Rio de Janeiro (RJ) – as are two in Mexico, with its operations to new countries in Latin America. TABLE OF CONTENTS

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30 BROOKFIELD 2020/2021 INFRASTRUCTURE 31

NTS operates in the natural gas transmission sector with a robust network of 2,048 km of gas pipelines in the states of Rio de Janeiro, São Paulo, and Minas Gerais. The system connects with

the petroleum basins in the Southeast of Brazil, with a transportation capacity of 158.2 million > cubic meters of gas per day. >

BRL27.6B

IN ASSETS UNDER MANAGEMENT

2,048km

NTS' operating room OF GAS PIPELINE, 44 DELIVERY POINTS, 6 COMPRESSOR STATIONS

Despite the pandemic, in 2020 the company was able the contractual ship-or-pay model, which provides to maintain uninterrupted operations, ensuring this revenue predictability and stability based on the agreed essential service continued to transport approximately transportation capacity. 158.2M 50% of the country’s consumed natural gas. The average SQM OF GAS TRANSMISSION/DAY volume of gas delivered in 2020 was 34.4 million m³/day. In 2020, the company invested a total of BRL 173 million, (CONTRACTUAL CAPACITY) largely allocated to the acquisition of the Mantiqueira The highlight of NTS’s financial performance was a Compressor Station; the maintenance and modernization net income of BRL 2.5 billion, up 14% compared with of the network; and the construction of the Guapimirim 2019. A key contributor was the company’s use of Receipt Station in the state of Rio de Janeiro. NTS' gas compression station TABLE OF CONTENTS

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ASCENTY NTS QUANTUM VL! ARTERIS

NOME DA SESSÃO 33

The company also continued with its plan of insourcing Gasbel its operation and maintenance activities, investing in processes, systems, infrastructure and expanding its Queluzito MG Gasbel II workforce.

As a result of the strong operating results at NTS, Fitch Ratings affirmed the company’s national long-term credit rating as well as the rating for its second debentures issue at “AAA(bra)”, with a Stable outlook. Gasbel II SP Estap RJ Once again, NTS was recognized among Exame magazine’s Maiores e Melhores (“Biggest and Best”) as the Best Gasbel ERP Esvol Company of the Year in the Transportation category—as Gaspaj Reduc well as winning, for the third consecutive year, the Valor Gasduc III ETC Japeri EDG Campos Elíseos 1000 award in the Transportation and Logistics sector. The Gascar Gaspal Gascar Campos Elíseos Gasvol 16” e 20” company also maintained its Great Place to Work (GPTW) Gasjap certification, based on employee surveys. ETC São José dos Campos EDG Taubaté

Gaspal Gastau

ECGM ERP Guararema > Gaspal II ESBC Gasan II Gasan >

Gas Pipelines Compression Stations Refineries Thermoelectric Power Plants Pre-Salt Polygon

OUTLOOK

NTS is well placed for the new gas market and the multi- the dissemination of a corporate culture strongly based client era. With the approval of the New Gas Bill (PL on integrity, operational safety, protection of people and 4476/2020), the company expects greater competition technical reliability. Investments over the next three years and new opportunities for expansion in this sector. are expected to total approximately BRL 455 million.

Over the course of 2021, the company is expecting to complete its process of insourcing operational and maintenance activities. This transition will continue to involve investments in equipment, installations, employee hiring and training as well as TABLE OF CONTENTS

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ASCENTY NTS QUANTUM V LI ARTERIS

34 BROOKFIELD 2020/2021

Quantum operates in the electric power transmission sector with concessions for the construction and operation of 5,341 km of transmission lines and 49 substations. The company is responsible for nine projects (Chimarrão, Esperanza, JMM, Mantiqueira, Pampa, Odoyá, Sertaneja,

Sanguinetti and Veredas), distributed across eight Brazilian states (Bahia, Ceará, Goiás, > Minas Gerais, Paraíba, Piauí, Rio Grande do Norte and Rio Grande do Sul). >

BRL6.6B

IN ASSETS UNDER MANAGEMENT Power transmission tower

One of the key events of 2020 was the acquisition of operational assets are equivalent to 37% of the total lines the Pampa concession from Sterlite Power in March and 26% of the total RAP of the contracted portfolio. 5,341km 2020, which allows for the construction of 326 km OF TRANSMISSION LINES, of transmission line and four substations, further The concessions are regulated by the National Electric 2,009 KM OF WHICH OPERATIONAL consolidating the company’s footprint in southern Brazil. Energy Agency (Aneel) and have a contractual duration Approximately BRL 753 million is to be invested at an of 30 years. Quantum invoices on the basis of uptime Annual Allowed Revenue (RAP) of BRL 86 million from 2023 availability of these assets to the country’s electric power onwards. Raising financing for this project has already grid, irrespective of volumes transmitted, which contributes begun, with short-term loans totaling BRL 250 million. to greater revenue predictability. Invoicing of sales begins 49 once the project goes into operation. SUBSTATIONS, During 2020, the company made investments totaling 18 OF WHICH OPERATIONAL BRL 3.5 billion, which contributed to the activation of Brookfield has a 50% stake in the transmission line/ approximately 670 km in transmission lines and eight substation projects during the construction phase, and substations. As a result, the company ended the year once construction has been completed and operations with 2,009 km of lines and 18 substations in operation, come online, Brookfield then has the option of acquiring generating a combined RAP of BRL 470 million. The the remaining 50%. Power transmission tower TABLE OF CONTENTS

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INFRASTRUCTURE 37

PB OUTLOOK PI

At the beginning of 2021, Quantum incorporated Again in 2021, Quantum is forecasting the energization the remaining 50% stake in the JMM concession. The of more than 2,947 km of transmission lines and 26 company plans to incorporate the remaining stake in substations for the Veredas, Sertaneja, Mantiqueira, Sanguinetti and Veredas until the end of the year, at Chimarrão and Pampa projects in the states of Piauí, Rio which time they will become wholly-owned subsidiaries. Grande do Sul, Bahia, and Minas Gerais. Investment over the next three years is expected to be BRL 3.1 billion. In addition, the company will look to complete

BA the structuring of the long-term financing of the Pampa project with the contracting of loans from the Brazilian Development Bank (Banco Nacional de Desenvolvimento Econômico e Social - BNDES) worth

an estimated BRL 680 million. > GO >

Esperanza (100%) MG TL: 420 km (500kV) 63 km (230 kV) Sanguinetti (50%) TL: 427 km (500kV) Sertaneja (50%) TL: 485 km (500kV) Odoyá (100%) TL: 272 km (500kV) 4.5 km (230 kV) JMM (100%) TL: 590 km (500kV) 171 km (230 kV) Veredas (50%) TL: 451 km (500kV) Mantiqueira (50%) TL: 516 km (500kV) 479 km (345 kV) 207 km (230 kV) Chimarrão (50%) TL: 891 km (500kV) 38 km (230 kV) Pampa (50%) TL: 261 km (500kV) RS 65 km (230 kV)

Substations¹

¹ Mantiqueira includes three substations Power transmission towers not connected to the lines under Quantum concession. TABLE OF CONTENTS

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ASCENTY NTS QUANTUM V LI ARTERIS

38 BROOKFIELD 2020/2021 INFRASTRUCTURE 39

VLI is one of the largest integrated logistics operators in Brazil. The company encompasses the Norte-Sul (FNS) and Centro-Atlântica (FCA) railways as well as intermodal terminals

combining the loading/unloading of products for rail transportation and the port terminals > sited along the strategic axes of the Brazilian seaboard such as Santos (SP), São Luís (MA) and Vitória (ES). >

The company operates a total of 4,800 km of railways capacity of 240,000 tons, enabling the transportation of connecting six port terminals (three proprietary and the a million tons of crude raw sugar annually. One of the remainder operated on a concession basis) and eight warehouses is situated in the Luiz Antonio Mesquita intermodal terminals. VLI has a fleet of approximately Integrator Port Terminal (Tiplam), a VLI asset at the Port 700 locomotives and 24,000 railcars which carry fruit of Santos. The second is located in the Guará terminal, BRL6.4B from Brazilian manufacturing/processing plants along another VLI structure in an upcountry state of São Paulo IN ASSETS UNDER MANAGEMENT routes that cross 300 municipalities and ten states in the where Tereos has industrial units. A total of BRL 205 million Northeast, Southeast and Central-West regions. has been invested in the project, about 30% of which was invested by VLI itself. In 2020, the company reported net revenues of BRL 5.6 billion, an increase of 6% year-on-year. EBITDA was BRL VLI received a number of awards and accolades in 2020, 2.5 billion, an increase of 4% over 2019. The company’s including being recognized by 100 Open Startups with a 4,800km investments totaled BRL 1 billion. In terms of volume, ‘TOP100 Open Corps’ ranking − as one of 100 companies OF RAILWAYS cargo handling on the railways totaled 40.8 billion tons considered to be the most open to working with start- per kilometer (TKU) – a 5% increase over 2019 – and 40.8 ups in Brazil. VLI was also recognized by Valor Econômico million tons (TU) at the port terminals, down 2% from newspaper with the ‘Brazil Innovation Award’ in the 2019. Results were largely driven by the agribusiness Transportation and Logistics category. It also ranked first sector, and accounted for approximately 60% of volumes among the Best of Dinheiro Magazine 2020 (As Melhores 14 transported by VLI. da Dinheiro 2020) in the ‘Logistics’ category and received TERMINALS IN OPERATION (8 the Prêmio Eco Amcham Estadão in the ‘Sustainability in INTERMODAL AND 6 PORT TERMINALS) An important landmark event in 2020 was the unveiling Processes – Large Companies’ category in recognition of of two sugar warehouses in the state of São Paulo in the Environmental Attitude Program which seeks to foster partnership with Tereos. The new structure has a total a behavioral change in relation to the environment.

VLI locomotive TABLE OF CONTENTS

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ASCENTY NTS QUANTUM VL! ARTERIS

INFRASTRUCTURE 41

São Luís Port Terminal OUTLOOK

Tegram VLI expects to continue reporting strong results in the agricultural sector in the coming year. According to the Pecem National Supply Company’s (Companhia Nacional de Abastecimento - Conab) 4th Grain Harvest Survey, the Brazilian grain harvest 2020/2021 is forecasted to reach PA MA record levels, with a 3.1% increase compared to the CE preceding 2019/2020 harvest.

Steel, which accounts for 25% of transportation volumes, should also see a positive performance. The National TI Palmeirante Steel Distributors Institute – INDA (Instituto Nacional

dos Distribuidores de Aço) has published data indicating

TI Porto Nacional that the flat steel sector is expecting growth of 8 – 10% > compared with 2020. TO Inácio Barbosa Maritime Terminal Over the next three years, investment is estimated > SE at BRL 3.6 billion, allocated to track upkeep, rolling BA stock (railcars and locomotives), infrastructure and environmental management, among other areas. This Port of Aratu will enable the company to continue to upgrade its levels of efficiency, productivity, and innovation.

GO TI Pirapora

TI Araguari MG TI Santa Luzia

TI Uberaba TI Ouro Preto Tubarão Complex ES TI Guará FCA - Centro-Atlântica Railway FNS - North-South Railway SP RJ EFVM – Vale Concession EFC - Vale Concession Luiz Antonio Mesquita Rumo Port Integrator Terminal MRS Port of Santos

Own Port Third party port Integrator Terminal VLI Tiplam Terminal, São Paulo TABLE OF CONTENTS

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ASCENTY NTS QUANTUM V LI ARTERIS

42 BROOKFIELD 2020/2021 INFRASTRUCTURE 43

Arteris is one of the leading toll road concessionaires in Brazil with 3,200 km of highways under management, representing 18% of all Brazilian highway concessions. The company operates five

federal concessions – Litoral Sul, Planalto Sul, Fernão Dias, Régis Bittencourt and Fluminense, > plus two state concessions – Intervias and ViaPaulista. >

During 2020, toll road traffic was impacted by the COVID-19 pandemic, principally in relation to light vehicle traffic flows on the highways from March through to the end of 2020. During this period, 611 million vehicle equivalents were recorded in toll road traffic, a reduction of 1.3% compared BRL11B with 2019¹.

IN ASSETS UNDER MANAGEMENT Arteris implemented a series of measures to optimize costs and expenses at its concessionaires to mitigate the impacts of the pandemic on cash generation. These measures had a positive effect on results, enabling toll plaza revenues to reach BRL 2.66 billion − equivalent to 3,200km 2019 results, driven by increased heavy vehicle traffic following the onset of the pandemic. OF HIGHWAYS

Stretch of Arteris ViaPaulista Excluding the effect of the provision for highway maintenance (which has no cash effect), Adjusted EBITDA reached BRL 1.73 billion, approximately 7% lower than the The 22-year Centrovias concession terminated in BRL 1.86 billion. Consequently, the Adjusted EBITDA Margin 611M June 2020, leaving a positive legacy for highway increased from 67.7% in 2019 to 69.6% in 2020¹. VEHICLE EQUIVALENTS infrastructure in the state of São Paulo. Decades of IN TRAFFIC investment have resulted in the highways managed During 2020, Arteris’ investments totaled BRL 1.4 billion, by Centrovias ranking among the five best in Brazil, allocated to highway improvements, expansion and according to the latest editions of the National maintenance on the Waldo Adalberto da Silveira Highway Transportation Confederation survey. Complex (SP); the Mogi Mirim (SP), Betim (MG) and Stretch of Arteris Intervias

¹ Excluding CentroVias from the calculation base. TABLE OF CONTENTS

LETTER FROM BROOKFIELD AROUND BROOKFIELD PRIVATE R EN EWA BLE REAL SUSTAINABLE ESG COMBINED FINANCIAL INFRASTRUCTURE THE CEO THE WORLD IN BRAZIL EQUITY POWER ESTATE RESOURCES MANAGEMENT INFORMATION

ASCENTY NTS QUANTUM VL! ARTERIS

44 BROOKFIELD 2020/2021

Belo Horizonte

Franca

Ribeirão Preto

São Carlos SP Araraquara Pouso Alegre Campos dos Jaú Araras RJ Goytacazes

Barra

Botucatu Bonita > Rio de Janeiro

Itaporanga > São Paulo

Stretch of Arteris Régis Bittencourt PR Registro

Curitiba

Rio Negro Florianópolis (PR) beltways; the Serra do Cafezal section OUTLOOK of the Régis Bittencourt highway (SP/PR) and BR-101 Joinville (RJ); and the escape ramps on the Régis Bittencourt and According to the Executive Report of the National Navegantes Litoral Sul highways. Logistics Plan 2025, 65% of all freight transportation in SC Brazil is carried on the highways. Given the significance Lages In addition to its goal of achieving strong financial and of this for the development of the country’s economy FLORIANÓPOLISFlorianópolis operational performance, Arteris remains committed and the need to continually grow infrastructure, highway to highway safety. The company is signatory to the concession auctions are providing opportunities United Nations Decade of Action for Road Safety and for investment in the sector. Arteris will analyze the successfully met its target for halving the number of road suitability for future bidding at these auctions, taking accidents by the end of 2020 through behavior research, into account the company’s leverage and its long-term traffic analysis, accident mapping, and investments in vision for the business.

new technologies. It is estimated that the company has Planalto Sul (federal) contributed to the saving of more than 2,300 lives over In addition, over the next three years, Arteris is Litoral Sul (federal) the past ten years. forecasting investments of approximately BRL 5.9 billion Régis Bittencourt (federal) for highways already in its portfolio. Fernão Dias (federal)

ViaPaulista (state)

Intervias (state)

¹ Excluding CentroVias from the calculation base. Autopista Fluminense (federal) TABLE OF CONTENTS

LETTER FROM BROOKFIELD AROUND BROOKFIELD PRIVATE R EN EWA BLE REAL SUSTAINABLE ESG COMBINED FINANCIAL INFRASTRUCTURE THE CEO THE WORLD IN BRAZIL EQUITY POWER ESTATE RESOURCES MANAGEMENT INFORMATION

BRK AMBIENTAL OURO VERDE TEGRA BROOKFIELD SPECIAL INVESTMENTS GLOBAL INVESTMENTS WITH OPERATIONS IN BRAZIL

Private

Equity >

Brookfield’s Private Equity business in Brazil is focused on the acquisition > of top-quality businesses, whether in the form of companies or debt. In Brazil, Brookfield has BRL 26 billion in assets under management in its private equity business. Current investments are in water sanitation, light and heavy vehicle management and leasing, and residential real estate development. The Private Equity team in Brazil also provides strategic and commercial support for the global private equity portfolio companies that operate in the country through various subsidiaries. In 2020, Brookfield launched Brookfield Special Investments (BSI), its strategic and mezzanine financing platform, in Brazil.

Sewage treatment plant in Uruguaiana (RS), BRK Ambiental TABLE OF CONTENTS

LETTER FROM BROOKFIELD AROUND BROOKFIELD PRIVATE R EN EWA BLE REAL SUSTAINABLE ESG COMBINED FINANCIAL INFRASTRUCTURE THE CEO THE WORLD IN BRAZIL EQUITY POWER ESTATE RESOURCES MANAGEMENT INFORMATION

BRK AMBIENTAL OURO VERDE TEGRA BROOKFIELD SPECIAL INVESTMENTS GLOBAL INVESTMENTS WITH OPERATIONS IN BRAZIL

48 BROOKFIELD 2020/2021 PRIVATE EQUITY 49

BRK Ambiental is the leading private company in water and sewage treatment in Brazil, serving more than 16 million people in 13 Brazilian states. The company has a diversified

asset portfolio made up of 23 Specific Purpose Companies (SPCs), business units that operate > according to the public concession model and other public-private partnerships (PPPs). >

Sewage treatment plant in Aparecida de Goiânia (GO) BRL17B

IN ASSETS UNDER MANAGEMENT

+100 MUNICIPALITIES SERVED

2020 was a very successful year for BRK Ambiental. The On the regulatory front, 2020 was a turning point in the company’s performance remained resilient throughout the water sanitation sector in Brazil. In July, the New Legal year, given the essential nature of the water and wastewater Sanitation Network (Law 14.026 of July 15, 2020) was services it provides. passed—legislation that regulates and provides direction +16M related to developing sanitation in Brazil, which will provide CUSTOMERS CONNECTED TO Investments for the year were allocated first and foremost more people with better access to clean water and treated WATER SANITATION NETWORKS to expanding water and sewage service coverage, given the sewage services. direct impact on household health—particularly during a health crisis. The company reinforced its service infrastructure, adding an additional 638 km networks connecting 93,000 new

residential and commercial addresses ¹. ¹ Data considers the 23 SPEs of BRK Ambiental Water treatment station, Porto Ferreira (SP) TABLE OF CONTENTS

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BRK AMBIENTAL OURO VERDE TEGRA BROOKFIELD SPECIAL INVESTMENTS GLOBAL INVESTMENTS WITH OPERATIONS IN BRAZIL

50 BROOKFIELD 2020/2021

OUTLOOK

With the New Legal Sanitation Framework in place, BRK Ambiental now has the opportunity to accelerate its non-organic growth strategy. Investments for the next three years (from 2021 to 2023) are forecasted at approximately BRL 5 billion.

Investments in water sanitation infrastructure are a fundamental pillar in the recovery of the Brazilian economy. Once the worst of the COVID-19 crisis is over, the company is confident that it will be a strategic participant in the country’s development.

> >

BRK Ambiental Unit, Limeira (SP)

Following the passage of the new water sanitation law, BRK In October 2020, through its parent company, BRK won an important auction in the state of Alagoas for the full raised BRL 1.1 billion in sustainable debentures (8th public utility concession to supply water sanitation services issuance), in two series maturing 2025 and 2034 from to 13 municipalities to the Maceió metro region. With an BTG, Itaú and ABC banks. This allowed the company investment of more than BRL 5 billion (between concession to liquidate corporate financing and extend the debt grant and operation), the project will benefit more than 1.5 maturity profile, increasing the average payment term million Brazilians over the next 35 years, with a projection to to approximately seven years. universalize the supply service of treated water by 2026. It is estimated that 90% of the customers in the concession’s During the year, BRK Ambiental accelerated innovation catchment will have access to treated sewage infrastructure and digital transformation initiatives, improving by year 16 of the concession agreement. This additional operating efficiency. Increasing investments in concession consolidates BRK Ambiental’s leadership in the innovation have been instrumental in making several Northeast of Brazil and will support expansion of operations projects feasible—including “Quality 4.0”, an initiative into other states. to automate water quality control processes and the “Reregistration App”, which in turn enable field agents In terms of its financial strategy and governance, in September to register data and images in real time. These and 2020, BRK completed a corporate reorganization, increasing its other initiatives were key to the company winning the capital stock by BRL 2.1 billion. BRL 523 million of it was in cash, Valor Brazil Innovation Award 2020 in the infrastructure which reduced leverage. Moody’s has confirmed a corporate category for the second consecutive year. rating for the company of Aa2.br on the national scale with a Water Quality Laboratory, Sumaré (SP) Stable outlook. TABLE OF CONTENTS

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BRK AMBIENTAL OURO VERDE TEGRA BROOKFIELD SPECIAL INVESTMENTS GLOBAL INVESTMENTS WITH OPERATIONS IN BRAZIL

52 BROOKFIELD 2020/2021 PRIVATE EQUITY 53

With nearly 50 years in the market, Ouro Verde is one of the largest light vehicle, truck, and heavy equipment leasing and fleet management companies in Brazil, with a focus on

serving corporate clients. The company offers customized and integrated services, including > technological solutions, maintenance, and operation of assets. >

BRL2.4B

IN ASSETS UNDER MANAGEMENT

23,000 Fleet managed by Ouro Verde ˜ VEHICLES AND EQUIPMENT

During the pandemic, Ouro Verde has demonstrated that ownership of mobility assets, allowing the release of cash flow its business model is both resilient and adaptable. The with a reduced need for working capital and a corresponding company is now playing a strategic role in supporting increase in liquidity. ˜500 sectors deemed essential to the Brazilian economy, such as CORPORATE CLIENTS telecommunications and agribusiness. Ouro Verde has also In 2020, the company reported strong financial performance. ramped up its services to the food distribution, consumer Currently, Ouro Verde has contracts with clients which run goods’ logistics, highway, electrical and sanitation. At a from two to seven years, representing BRL 1.3 billion in future time when many companies needed liquidity, outsourcing contracted revenues. These commitments strengthen operating

has presented an alternative for reducing the total cost of cash generation and generate greater revenue predictability. Ouro Verde's heavy equipment TABLE OF CONTENTS

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BRK AMBIENTAL OURO VERDE TEGRA BROOKFIELD SPECIAL INVESTMENTS GLOBAL INVESTMENTS WITH OPERATIONS IN BRAZIL

PRIVATE EQUITY 55

Other highlights of 2020 included Ouro Verde’s expansion OUTLOOK of its customer base, and the diversification of the economic sectors of its operations. The company also signed a unique The market for vehicles and machinery/equipment agreement to outsource 177 tow and support trucks to serve leasing has grown considerably over the past few years all Arteris’ highway toll concessions. The partnership is a good and will continue to develop in Brazil. It is estimated that example of the potential for synergies between Brookfield Brazilian companies outsource less than 10% of their portfolio companies in Brazil. vehicle fleets and equipment, while in more developed markets the ratio is closer to 60%. As a large portion of revenue is generated from the heavy vehicle business, a significant amount of total investment in Ouro Verde continues its commitment to growth 2020 was earmarked for expansion of its truck fleet. Among and development, and is always looking for the best 0% 2% new developments is the investment into a self-steering truck opportunities in the market. The company will continue used for sugarcane harvesting—which therefore provides to have a strong presence in the telecommunications North greater efficiency in the process. Ouro Verde has also entered and agribusiness sectors where historically it has had the small and mid-market sector, further expanding the significant penetration, while continuing to grow in other range of its operations. sectors such as mining, forestry, water sanitation, electric energy, industry, construction, toll road concessions and pharmaceuticals. In parallel, the company will

remain focused on maintaining its financial strength and > 9% 13% operating profitability through cost reductions, expense reduction and carefully chosen investments. 14% 3% > Northeast

Midwest

68% 57%

Southeast

FLEET DISTRIBUTION BY REGION

9% 25% Heavy equipment

South Light vehicles

Fleet from Ouro Verde TABLE OF CONTENTS

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BRK AMBIENTAL OURO VERDE TEGRA BROOKFIELD SPECIAL INVESTMENTS GLOBAL INVESTMENTS WITH OPERATIONS IN BRAZIL

56 BROOKFIELD 2020/2021 PRIVATE EQUITY 57

Tegra is one of the leading developers in the residential real estate market, with a history

going back more than 40 years. Since its inception, it has delivered approximately > 100,000 real estate units, equivalent to 25 million square meters of constructed area. >

Concentrating its operations in the cities of São Paulo, Rio de Janeiro, and Campinas, 2020 was a positive year for Tegra in terms of performance. After turning in record sales over the previous five years up to February 2020 when COVID-19 began, the company set about revising BRL6.2B its business plan with a focus on cash preservation. By June 2020, the real estate market began to show signs of IN ASSETS UNDER MANAGEMENT recovery, reflecting factors such as low interest rates, a resulting reduction in mortgage rates and an increasing consumer desire for residential living space. With the market showing more encouraging signs of +25M recovery, the company resumed its real estate launches, totaling seven by year-end. In the city of São Paulo, the SQM CONSTRUCTED company launched the Elo, Quad, TEG Corazza, TEG Vila Carrão and Square Garden projects, while in Rio de Janeiro, Tegra launched Skylux, a real estate project situated in the revitalized downtown area of the state capital, and Home Boutique, a beach-front luxury project at an exclusive +100,000 address in the Icaraí district of the city of Niterói. UNITS DELIVERED UP TO 2020

The company ended the year with an overall sales value (VGV) of BRL 962 million in launches, and gross sales totaling BRL 1.6 billion. The company reported net sales of Home Boutique Building, Niterói BRL 1.3 billion.

Square Garden Building, São Paulo TABLE OF CONTENTS

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BRK AMBIENTAL OURO VERDE TEGRA BROOKFIELD SPECIAL INVESTMENTS GLOBAL INVESTMENTS WITH OPERATIONS IN BRAZIL

58 BROOKFIELD 2020/2021

OUTLOOK Also in 2020, the company delivered the PIN, Chez Vous, Olhar Augusta, Gabell Jardins, Jerivás – Caminhos da The real estate market is expected to maintain demand Lapa, and The Garden, developments in São Paulo (SP), in 2021, stimulated by low interest rates and economic La Vie, in Campinas (SP), and Stories, in Rio de Janeiro (RJ). recovery. ELO, São Paulo Home Boutique, Niterói Despite the pandemic’s impact on the supply chain and logistics, these real estate projects were delivered on time, Tegra continues to pursue its activities based on strong reinforcing Tegra’s commitment to its clients. market intelligence, data analytics and awareness of the transformations both within the real estate market The current focus of the business is on a cycle of and consumer profiles in order to deliver increasingly land acquisitions, laying the foundation for scaling up consistent results over time. launches and capturing robust results over the next few years. To that end, it is worth noting that the company’s activities have a long cycle of four to five years between development, launch, sales, and construction.

> >

The Garden, São Paulo TEG Vila Carrão, São Paulo

Tegra’s urban development group is dedicated to developing high-quality horizontal residential projects with a focus on the states of São Paulo, Rio de Janeiro, Minas Gerais, and Mato Grosso do Sul.

The company remains engaged in the maintenance and preservation of the Tamboré Biological Reserve, an Integral Atlantic Rainforest Conservation Unit located in Chez Vous, São Paulo La Vie, Campinas Santana do Parnaíba (SP), through an agreement signed with the city government. The partnership involves research and conservation measures in an area of 3.7 million square meters which includes 18 headwater springs, as well as 193 plant species and a further 197 species of birds, reptiles, amphibians, and mammals.

Olhar Augusta, São Paulo PIN, São Paulo TABLE OF CONTENTS

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BRK AMBIENTAL OURO VERDE TEGRA BROOKFIELD SPECIAL INVESTMENTS GLOBAL INVESTMENTS WITH OPERATIONS IN BRAZIL

60 BROOKFIELD 2020/2021 PRIVATE EQUITY 61 Brookfield Global investments Special Investments with operations in Brazil

Over the past few years, Brookfield has been developing Brookfield Special Investments (BSI), Across its global portfolio, Brookfield has companies which operate in Brazil through various a dedicated vehicle for large-scale, non-control equity and equity-linked investments across subsidiaries. These organizations have the operational, strategic and commercial support of multiple sectors. BSI will target opportunistic and strategic situations across the economic cycle, the local Brookfield Private Equity team, which is highly specialized in the Brazilian market. and is designed to meet a growing need for companies seeking flexible capital solutions Companies include the below: to achieve their corporate goals.

> >

CLARIOS ALTERA INFRASTRUCTURE A world leader in energy storage solutions and in Altera provides offshore oil and gas exploration vehicle batteries, Clarios is also known under the Heliar infrastructure and transportation services, with brand name. In Brazil, Clarios has manufacturing operations in strategic areas such as the east coast facilities in Sorocaba (SP), as well as a distribution of Canada, the North Sea and the Brazilian seaboard. center and five recycling centers in the states of Minas Operational units in Brazil are in the cities of Rio de Gerais and Pernambuco. Janeiro (RJ), Macaé (RJ) and Aracaju (SE).

GREENERGY WESTINGHOUSE BSI will focus on sectors, regions and assets where Brookfield Comunicação Multimídia S.A. ("InfraCo"), a newly formed Specialized in fuel distribution, Greenergy trades in A global leader in infrastructure services for the nuclear has acquired extensive knowledge, based on our in-depth fiber infrastructure carveout and wholly-owned subsidiary petroleum products throughout the world to service its power industry, Westinghouse has a presence in 19 operating expertise and long history as a value investor. of Oi. This transaction was announced by Oi in February clients in the United Kingdom, Ireland, Canada, and Brazil. countries around the world. In Brazil, the company has 2021, with closing pending as of the publication date of In Brazil, Greenergy operates as an exporter of ethanol and a contract with Eletronuclear, a subsidiary of Eletrobras, BSI announced a transaction early in 2021 to provide this report. an importer of diesel for domestic fuel distributors, serving for work on the project for extending the useful life of the USD 240 million of structured financing to Brasil Telecom clients through the ports of Santos (SP) and Paranaguá (PR). Angra 1 nuclear power plant, located in Angra dos Reis (RJ). TABLE OF CONTENTS

LETTER FROM BROOKFIELD AROUND BROOKFIELD PRIVATE R EN EWA BLE REAL SUSTAINABLE ESG COMBINED FINANCIAL INFRASTRUCTURE THE CEO THE WORLD IN BRAZIL EQUITY POWER ESTATE RESOURCES MANAGEMENT INFORMATION

ELERA RENOVÁVEIS

62 BROOKFIELD 2020/2021 RENEWABLE POWER 63

Renewable > Power Brookfield is one of the world's largest investors in renewable power. In > Brazil, the sector accounts for BRL 18 billion in assets under management and an installed capacity of 1.6 GW. The company's diversified portfolio includes hydro, wind, utility-scale solar and biomass energy generation. TABLE OF CONTENTS

LETTER FROM BROOKFIELD AROUND BROOKFIELD PRIVATE R EN EWA BLE REAL SUSTAINABLE ESG COMBINED FINANCIAL INFRASTRUCTURE THE CEO THE WORLD IN BRAZIL EQUITY POWER ESTATE RESOURCES MANAGEMENT INFORMATION

ELERA RENOVÁVEIS

64 BROOKFIELD 2020/2021 RENEWABLENOME DA POWER 65SESSÃO 65

Elera Renováveis is one of the largest companies generating electric power from renewable sources in Brazil. Its portfolio includes 43 hydroelectric plants, 19 wind farms and four biomass-

fired plants, corresponding to 1.6 GW of installed capacity as well as 34 solar facilities divided > into three large greenfield projects, and one small hydroelectric power plant in development corresponding to an additional 1.8 GW in the pipeline. >

BRL18B

IN ASSETS UNDER MANAGEMENT

~1.6GW Itiquira Hydroelectric Plant, Mato Grosso OF INSTALLED CAPACITY

The Elera Renováveis brand name was launched in do Norte (CE), already under construction and due to be 2020, replacing the former name of Brookfield Energia unveiled in 2021, with 360 MW of installed capacity, with an Renovável. This change is designed to strengthen the equity investment of approximately BRL 316 million. 101 identity linked to renewable and sustainable power, and is ASSETS, INCLUDING 43 HYDROELECTRIC part of Brookfield’s global undertaking to evolve the names Alex was then followed by the Janaúba project located in PLANTS, 19 WIND FARMS, 4 BIOMASS PLANTS, of all the Brookfield Renewables operating businesses, the north of the state of Minas Gerais, set to be the largest 34 SOLAR FACILITIES IN DEVELOPMENT AND allowing each to establish its own identity. solar complex in Latin America with 1.2 GW of installed 1 SMALL HYDROELECTRIC PLANT UNDER capacity and 1.5 million photovoltaic modules. Work has CONSTRUCTION In 2020, Elera made its debut in the photovoltaic sector already begun and the start of operations will take place with the acquisition of three solar projects. The first was in two phases—in 2022 and 2023. Equity investment totals the Alex complex in Limoeiro do Norte and Tabuleiro approximately BRL 1.1 billion. Elera's wind farm, Rio Grande do Norte TABLE OF CONTENTS

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ELERA RENOVÁVEIS

66 BROOKFIELD 2020/2021

OUTLOOK

Elera Renováveis continues to pursue a strategy of Investments will also be made in a new wind farm in Rio Finally, the company’s business was expanded in the state Also in 2020, Elera invested BRL 100 million in its growth and the diversification of clean energy sources Grande do Norte, with the capacity to generate 270 MW in the of Ceará with the Aratinga project. This will have an installed operational assets to improve efficiency, quality, uptime through the construction and delivery of previously first phase and an additional 200 MW in a possible extension. capacity of 210 MW, with operations starting in 2023. Equity availability and safety. For example, the company is announced projects, and the identification of new The acquisition of this project has been signed, with closing investment in the project will total BRL 216 million. working on the modernization of installations, replacement business opportunities, whether through mergers, expected in the fourth quarter of 2021, subject to preconditions. of components, and incorporation of advanced monitoring acquisitions or greenfield projects. In addition to the solar installations, the company plans to and predictive technologies. Elera will also invest BRL 230 million to improve efficiency add a small hydroelectric power plant (SPP) known as Foz The company plans an equity investment of across its assets over the next three years. As part of this do Estrela, located in the state of Paraná, with a 29.5 MW The company’s financial performance in 2020 was solid, approximately BRL 2 billion by the end of 2023. effort, the Assets Monitoring Center will be implemented with capacity. Work should be completed by the end of 2021. despite weaker wind power densities throughout the year. The majority will go to the solar complexes, which systems for analysis and predictive fault detection, among Operating revenue from power generation operations in will contribute to the doubling of installed capacity. other technologies, in 2021. Brazil was BRL 1.7 billion, while EBITDA reached BRL 1.6 billion—a record for the company. Generation Scaling Factor (GSF) renegotiations, in which the company played an active role—and the outcome of which was extended concession

terms—had an impact on these results, as did the high level CE

of operational uptime and lower operating costs. > RN Elera has operations registered on the I-REC (Renewable Energy Certificate) Platform, a global system for issuing > renewable energy certificates. The RECs can be transacted for users of pollutant fuels as a means of off-setting carbon emissions and for investments in renewable power sources. In 2020, the company sold its first clean energy certificate. BA

SP RJ

Corporate Office SC Hydroelectric plants

Cogeneration plants - biomass RS Wind farms

Sacre II Hydroelectric Plant, Mato Grosso Solar parks TABLE OF CONTENTS

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OFFICE LOGISTICS PARKS SHOPPING CENTERS

68 BROOKFIELD 2020/2021 REAL ESTATE 69

Real

Estate > Brookfield has BRL 11 billion in assets under management in its real estate business in Brazil. The investments are in a number of sectors, including high-quality commercial office buildings, logistics parks and shopping > centers, with a total of approximately 1 million sqm of area, either leasable or under development.

Facade detail of the 17007 Nações Complex, São Paulo TABLE OF CONTENTS

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OFFICE LOGISTICS PARKS SHOPPING CENTERS

70 BROOKFIELD 2020/2021 REAL ESTATE 71

Office

Brookfield Properties operates in the office building segment with 12 corporate projects and a total of 380,767 sqm across São Paulo and Rio de Janeiro. This includes 279,259 sqm of leasable area, and a further 101,508 sqm under development.

> >

BRL7.6B

IN ASSETS UNDER MANAGEMENT

L´Oréal´s headquarters in Brazil, Rio de Janeiro ~280,000 SQM OF LEASABLE AREA AND ~102,000 SQM UNDER DEVELOPMENT

Over the past year, this portfolio has undergone a Brazil, successfully attracting more than 30,000 sqm in new significant transformation. With a record decline in interest leases during the period. The Sigma tower, in the 17007 Nações rates in Brazil culminating in a significant reduction in the Complex for example, reached 97% occupancy. Additionally, capitalization rate (cap rate) and an appreciation in real defaults were held at historically low levels of below 1%, and 12 estate values, Brookfield took the opportunity to sell WT rent reviews for 14 contracts saw an average readjustment of Morumbi and EZ Tower B buildings at a cap rate of between 23%, indicative of the portfolio’s attractiveness and resilience. COMMERCIAL BUILDINGS, 3 OF WHICH UNDER DEVELOPMENT 5.4% and 5.7%. Brookfield also sold Edifício Morumbi with a cap rate of 6.17%—for 69% greater than the purchase price. During the year, Brookfield acquired two development projects in the city of São Paulo. The first is a 69% interest in Passeio Despite the pandemic, Brookfield increased its average Paulista, with a total area of 49,119 square meters (offices,

occupancy rates from 86% to 91% in its office buildings in loft, and commercial areas), which is now under construction. Brazil Financial Center, São Paulo TABLE OF CONTENTS

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OFFICE LOGISTICS PARKS SHOPPING CENTERS

72 BROOKFIELD 2020/2021 REAL ESTATE 73

The second acquisition is O Parque, a mixed-use project Design (LEED), issued by the US Green Building Council (offices, residential and commercial) with 22,247 square (USGBC) – Sustainable Construction Council of the United meters. Both will be delivered in 2022. States. Currently, the following projects are certified: Eldorado, 17007 Nações, Faria Lima 3500, L’Oréal and In addition, a built-to-suit contract was signed with WPP, one Senado as well as WT Morumbi and EZ Towers, which of the world’s largest advertising agencies, for a new office were sold in 2020. Brookfield Properties also hopes building in the Vila Leopoldina district of São Paulo. The to certify the new Passeio Paulista, O Parque and WPP innovative new project is expected to be a new landmark in the projects. district, which is showing signs of becoming a new hub of office building development on the city’s west side. The lease has a The company always aim to adopt the most advanced 15-year duration, with WPP occupying 80% of the building. accessibility practices in our projects. This was recognized in the case of WT Morumbi, the company receiving Brookfield continues to apply for sustainable construction GuiadeRodas certification for accessibility. The same certification such as Leadership in Energy and Environmental certification for 17007 Nações is pending approval.

OFFICE BUILDINGS > IN OPERATION

PROJECT LOCATION (STATE) YEAR OF ACQUISITION AREA (SQM) > 17007 Nações São Paulo 2011 65,170 (Sigma Tower and Open Mall)

Faria Lima 3500 São Paulo 2014 25,686

BFC São Paulo 2019 32,478

Eldorado São Paulo 2019 23,455

Senado Rio de Janeiro 2015 77,151 JOÃO DIAS TRAIN STATION In 2019, Brookfield signed an agreement to build Companhia L’Oréal Rio de Janeiro 2015 19,801 Paulista de Trens Metropolitanos’ (CPTM) João Dias train Sylvio Fraga Rio de Janeiro 2016 2,716 station, with the agreement that Brookfield will then donate

it to the state of São Paulo government. Construction is Torre Almirante Rio de Janeiro 2019 25,106 currently underway, with delivery expected in the first half of 2022, ahead of schedule. The BRL 65 million investment Flamengo Rio de Janeiro 2019 7,696 will be integrated into the 17007 Nações Complex, and is Total leasable area (sqm) 279,259 expected to receive 10,000 commuters daily. Once the station

is complete and operational, CPTM will assume responsibility IN DEVELOPMENT for its operation and maintenance. PROJECT CITY YEAR OF ACQUISITION AREA (SQM)

Passeio Paulista São Paulo 2020 33,892

O Parque São Paulo 2020 22,247

WPP São Paulo 2020 45,369 17007 Nações Complex, São Paulo

Total area in development (sqm) 101,508 TABLE OF CONTENTS

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OFFICE LOGISTICS PARKS SHOPPING CENTERS

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Logistics parks

Brookfield has a logistics portfolio in Brazil comprised of five projects, with 513,337 sqm of total area, including 194,442 sqm ready for leasing and 318,895 sqm under construction.

> >

BRL1B

IN ASSETS UNDER MANAGEMENT

~195,000 SQM OF LEASABLE AREA AND ~319,000 SQM OF AREA UNDER DEVELOPMENT

Cabreúva Logistics Park, São Paulo

In 2020, the pandemic contributed to an intensification The most significant acquisition in 2020 included two projects 5 in e-commerce, further ramping up demand for in Guarulhos (SP) valued at BRL 523 million. Both have access LOGISTICS PARKS, 3 UNDER DEVELOPMENT logistical infrastructure in Brazil, especially in to the main Dutra São Paulo-to-Rio de Janeiro highway, AND 1 IN EXPANSION strategically located regions connecting major and represent an additional 177,693 sqm of development urban centers. opportunity. This was in addition to an existing Brookfield- owned logistics park in the same city, with an area of 58,573

sqm—and that reached 100% occupancy in 2020. Cabreúva Logistics Park, São Paulo TABLE OF CONTENTS

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76 BROOKFIELD 2020/2021 REAL ESTATE 77

During the course of 2020, we continued to develop the Barueri logistics park, acquired in 2019 and located in a prime location in the state of São Paulo. At a total investment of BRL 346 million, the project will be delivered in two stages in 2021 and 2022.

As with office buildings, Brookfield continues to pursue sustainable construction certification for its logistics portfolio—such as the Leadership in Energy and Environmental Design (LEED) of the US Green Building Council (USGBC) – Sustainable Construction Council of the

United States. The expectation is that the new logistics

parks will also be certified when complete. >

LOGISTICS PARKS >

IN OPERATION

PROJECT LOCATION (STATE) YEAR OF ACQUISITION AREA (SQM)

Guarulhos I São Paulo 2018 58,573

Cabreúva São Paulo 2018 135,869

Total leasable area (sqm) 194,442

IN DEVELOPMENT

PROJECT LOCATION (STATE) YEAR OF ACQUISITION AREA (SQM)

Cabreúva – G400 São Paulo 2018 24,150

Barueri São Paulo 2019 115,451

Guarulhos II São Paulo 2020 84,984

Guarulhos III São Paulo 2020 94,310

Total area in development (sqm) 318,895

Guarulhos I Logistics Park, São Paulo TABLE OF CONTENTS

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OFFICE LOGISTICS PARKS SHOPPING CENTERS

78 BROOKFIELD 2020/2021 REAL ESTATE 79

Shopping centers

Since the 1980s, Brookfield has been investing in major commercial developments in São Paulo (SP) and Rio de Janeiro (RJ). Brookfield currently has a stake in four shopping centers in Brazil with total leasable area of 105,481 sqm.

> > Brookfield’s portfolio includes the Pátio Paulista and Pátio Higienópolis shopping centers in São Paulo and the Rio Sul and Madureira shopping centers in Rio de Janeiro.

The year was a challenging one for the sector due to restrictions imposed on movement and hours of operation BRL2.1B that resulted from the pandemic. As a result, Brookfield undertook efforts to reduce costs and improve operational IN ASSETS UNDER MANAGEMENT efficiencies across the portfolio. In addition, the company invested in e-commerce enhancements to support sales by collaborating with both commercial centers and tenants to facilitate ongoing consumer interaction while the malls were closed. ~105,000 SQM OF LEASABLE AREA Brookfield also invested in safety and hygiene protocols to ensure a safe reopening for both its tenants and their customers. While customer footfall saw a significant decline, it began to recover in the second half of the year, with occupancy rates returning to pre-pandemic levels of about 96% in December following the drop to 90% mid-year. The 4 expectation is that the recovery will continue in 2021. SHOPPING CENTERS

Rio Sul mall, Rio de Janeiro Pátio Paulista mall, São Paulo TABLE OF CONTENTS

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OFFICE LOGISTICS PARKS SHOPPING CENTERS

80 BROOKFIELD 2020/2021 NOMEREAL DA SESSÃOESTATE 81 81

SHOPPING CENTERS

PROJECT LOCATION (STATE) YEAR OPENED AREA (SQM)

1989 (Paulista I) Pátio Paulista São Paulo 23,193 2016 (Paulista II - Expansion)

1999 (Higienópolis I) Pátio Higienópolis São Paulo 16,762 2010 (Higienópolis II - Expansion)

Rio Sul Rio de Janeiro 1980 28,370

Madureira Rio de Janeiro 1989 37,156

Total leasable area (sqm) 105,481

OUTLOOK > Brookfield is confident in the resilience of high- quality assets over the long term. For this reason, > the company expects real estate business in Brazil to perform well—from the corporate office building and logistics park segments to the recovering retail centers as the world moves out of the restrictions that resulted from the pandemic.

Brookfield believes that the office will always be fundamentally important for businesses; they serve as hubs for the type of interaction that cannot be replicated remotely over the long term. High-quality office buildings in major urban centers will continue to be valuable assets over the long term. Given this conviction, Brookfield will continue to invest in both ready-to-occupy office buildings and development projects, always seeking the best rates of return on our investment.

Pátio Higienópolis mall, São Paulo

Pátio Higienópolis mall, São Paulo TABLE OF CONTENTS

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AGRICULTURE TIMBERLANDS

82 BROOKFIELD 2020/2021 SUSTAINABLE RESOURCES 83

Sustainable

Resources > Brookfield has been investing in sustainable resources in Brazil for decades, with 267,000 hectares dedicated to agricultural activities and 275,000 to forestry investments distributed across nine states, with BRL 8 billion invested > in assets.

Agricultural production TABLE OF CONTENTS

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AGRICULTURE TIMBERLANDS

84 BROOKFIELD 2020/2021 SUSTAINABLE RESOURCES 85

Agriculture

Brookfield has more than 30 years’ experience in investing and operating agricultural assets in Brazil. These currently total 267,000 hectares of land across 22 rural properties in seven Brazilian states, including Goiás, Maranhão, Mato Grosso, Mato Grosso do Sul, Minas Gerais, São Paulo, and

Tocantins. In 2020, more than 157,400 hectares of the total were productive, 59% of which was > dedicated to grains (first and second crops); 25% to ranching; and the remaining 16% to sugarcane. >

Conversely, soybeans saw a small decline of 3.2% to 208,000 tons compared to the previous harvest. The National Supply Company’s (Companhia Nacional de Abastecimento - Conab) data reveals that both corn and soybean production reported increases for the 2019/20 crop compared with 2018/19—of 4.3% and 2.5%, respectively. BRL3.6B

INVESTED IN ASSETS Brookfield’s agricultural operations retained all certifications, including ISO 9001, which establishes the requirements for a Quality Management System; Certified Responsible Soya (CRS) and Round Table Responsible Soy (RTRS) certification, attesting to the responsible production Soy production of soybeans; and the Feed Materials Assurance Scheme 267,000 (Femas), which guarantees the safety of foods and foodstuff HECTARES IN AGRICULTURE ingredients used by the animal ration industry. Two farms In 2020, Brookfield’s agribusiness operations generated obtained certification under the 3S Program, a model gross revenues of BRL 420 million, an increase of 14% developed by Cargill with a focus on zero deforestation, compared to 2019, despite the more challenging climatic the well-being of the rural worker and management of conditions in the North and the Northeast of Brazil. greenhouse gas (GHG) management. 348,000 Consolidated EBITDA increased more than 35% from TONS OF GRAIN the previous year, primarily due to the improvement The GHG emissions inventory of Brookfield’s agricultural PRODUCED IN 2020 in ranching operations, a second corn harvest and operations conducted in accordance with the GHG Protocol sugarcane production. methodology for the 2019/2020 crop shows that we removed 309,000 tons of carbon from the atmosphere The 2019/20 corn crop was productive, reaching 139,900 through biologic carbon sequestration—equivalent to the tons—an increase of 18.5% over the preceding crop. average annual emissions of 130,000 people in Brazil. Sugarcane production TABLE OF CONTENTS

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AGRICULTURE TIMBERLANDS

86 BROOKFIELD 2020/2021 SUSTAINABLE RESOURCES 87

OUTLOOK

We expect that the 2021 cycle will be more favorable Brookfield is forecasting a productive year for the crops – to agricultural activities. Costs are more controlled, including an increase of about 7% for the 2020/21 soybean supply and freight prices are stable, and the currency crop and 3% for corn (first and second crops). In both cases, exchange rate is more favorable; assuming these expected performance is in line with Conab’s forecasts. all continue, they will result in a beneficial effect on commodity exports.

OPERATIONAL INDICATORS > CHANGE 2018 2019 2020 2019/20 (%) > Hectares under management, 269.2 269.1 267.3 -0.7% including environmental reserve (000s)

Hectares planted to grains (000s) – 88.2 89.6 92.1 2.8% first and second crop

Hectares planted to sugarcane (000s) – in areas of proprietary operations and 23.0 26.2 25.5 -2.7% leased to third parties

Hectares dedicated to ranching (000s) 38.5 36.4 39.8 9.3%

Grain production (tons) in areas under 282.3 333.2 347.9 4.4% management – first and second crops

Sugarcane production (in 000s tons) – 303.2 254.0 290.6 14.4% in areas of proprietary operations only

Cattle sales (000s head) 14.9 13.8 14.5 5.1%

Note: The years refer to the harvest in which revenues were generated for each product.

Agricultural production TABLE OF CONTENTS

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AGRICULTURE TIMBERLANDS

88 BROOKFIELD 2020/2021 SUSTAINABLE RESOURCES 89

Timberlands

Brookfield has investments in 275,000 hectares in forest plantations, distributed across five Brazilian states, including Bahia, Espírito Santo, Minas Gerais, Mato Grosso do Sul and

São Paulo. Operations span a wide range of sectors, most notably the pulp, industrial gas, > silicon metal and steel industries. >

tons of charcoal. Sales reached BRL 385 million, up 47% over 2019, due primarily to foreign currency movements.

The company’s strategy continues to be centered on the diversification of industries. In 2020, the sectors with the strongest performance included pulp and paper, which BRL4.2B accounted for 93% of sales, as well as industrial gases INVESTED IN ASSETS and silicon metals, which each accounted for 3.5%.

While the pulp sector recorded very strong performance in exports, the domestic market was more challenged. For example, in the state of Mato Grosso do Sul, where Brookfield supplies a large part of the sector, 275,000 some clients experienced operational restrictions due HECTARES OF LAND to the pandemic with a negative impact on results. FOR FORESTRY PLANTATIONS Additionally, the region experienced a shortage of mature timber for harvesting.

Reforestation area, São Paulo To ensure quality, a high standard of forestry husbandry and strong environmental practices, forestry operations 9 continue to adhere to the requirements of the Brazilian FORESTRY ASSETS IN 5 STATES While the pandemic affected different sectors of the Forestry Certification Program (Programa Brasileiro de Brazilian economy, forestry proved resilient, with Certificação Florestal - Cerflor) and the Forest Stewardship operational and financial indicators remaining stable Council® as well as ISO 9001 (Quality Management relative to 2019. Sales volumes from the assets were 3.07 System) and ISO 14001 (Environmental Management million cubic meters of logs (3% down on 2019) and 16,200 System) certification. Reforestation area, Minas Gerais TABLE OF CONTENTS

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AGRICULTURE TIMBERLANDS

90 BROOKFIELD 2020/2021 SUSTAINABLENOME RESOURCES 91 DA SESSÃO 91

OPERATIONAL INDICATORS

CHANGE 2018 2019 2020 2019/20 (%)

Hectares under management (000s) 283 276 275 0%

Hectares of arable land (000s) 182 179 179 0%

Hectares of eucalyptus (000s) 159 162 151 -7%

Hectares under pine 4.6 2.6 2.6 0%

Hectares available or planting 18 14 26 82% BA

> >

MG ES

OUTLOOK MS

Forestry operations began 2021 with a very positive SP operational outlook, given the buoyant demand in sectors supplied by Brookfield’s investments, notably in the pulp segment. In addition, currency rates bode well, having stabilized at a strong level, according to economic indicators.

Bahia 77,548 hectares

Minas Gerais ¹ 30,176 hectares

Espírito Santo 45,491 hectares

São Paulo 25,262 hectares

Mato Grosso do Sul 95,779 hectares

Reforestation area, São Paulo ¹ In the first quarter of 2021, Brookfield concluded the divestment of its forestry assets located in the state of Minas Gerais, totaling approximately 30,100 hectares of productive land. TABLE OF CONTENTS

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ESG PRINCIPLES ETHICAL CONDUCT DIVERSITY AND INCLUSION PRIVATE SOCIAL INVESTMENT RESPONDING TO THE PANDEMIC

92 BROOKFIELD 2020/2021 ESG MANAGEMENT 93

ESG

Management >

Brookfield believes that ESG (environmental, social, and governance) management is essential in the building of resilient businesses and creating > long-term value.

The company conducts its businesses in an ethical and sustainable manner, taking a long-term investment view and balancing economic objectives with the principles of responsible citizenship. As an asset manager, Brookfield operates a robust system of governance, incorporating the principles and practices of ESG in all its activities.

Brookfield's ESG principles are incorporated into all of its investments. It maintains global oversight of ESG, collaborating with its portfolio companies in the development of ESG policies and other frameworks. Using this approach, the company aims to create sustainable value and impact over the long term for investors, stakeholders and employees. TABLE OF CONTENTS

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ESG PRINCIPLES ETHICAL CONDUCT DIVERSITY AND INCLUSION PRIVATE SOCIAL INVESTMENT RESPONDING TO THE PANDEMIC

94 BROOKFIELD 2020/2021 ESG MANAGEMENT 95

ESG Principles

Mitigate the impact of our Ensure the well-being operations on the environment and safety of employees

Brookfield believes that the majority of its operations, businesses and assets are impacted Brookfield is committed to promoting the health and well-being of its employees, maintaining by—and have an impact on—the environment. For this reason, the company strives to an inclusive environment for all, and supporting the continuous personal and professional mitigate these effects. Additionally, Brookfield believes that meeting the global challenge development of its employees. of climate change involves the transition to a net-zero carbon emissions economy and is committed to making investments that will drive this transition.

> > TEGRA DISPLAYS ENVIRONMENTAL IMPACTS OURO VERDE RECOGNIZED FOR IMPLEMENTING AND OFFSETS EMISSIONS PREVENTIVE MEASURES AGAINST COVID-19 At each active construction site, Tegra discloses data on In recognition of its work in preventing the transmission of water and electricity consumption, generation of waste and COVID-19—such as hiring new drivers to substitute at-risk number of jobs created in the surrounding community on a employees, sanitizing the fleet after each shift change, socio-economic panel. In addition, the company offsets all its and providing more shuttle buses to ensure employee’s greenhouse gases (GHG) emitted as a result of construction physical distancing—the company was awarded the Sesi work through the purchase of carbon credits. Additionally, SDG 2020 Seal by the Social Service for Industry (Serviço the company intends to obtain AQUA (High Environmental Social da Indústria – Sesi), based on the United Nations Quality) certification for at least four of its projects. Sustainable Development Goals. Ouro Verde also received an award from BP Bunge Bioenergia as the service supplier with the best COVID-19 prevention and care program.

VLI HELPS RAISE ENVIRONMENTAL AWARENESS ARTERIS UPDATES ITS CRITICAL SAFETY PROCESSES The Environmental Attitude Program, developed by VLI in After reviewing its safety procedures and instructions the regions in which it operates, seeks to educate people for high-risk work where there is the potential for about the importance of environmental preservation serious accidents, the company implemented new through activities such as lectures, workshops, and film procedures and training processes to better protect screenings, among others. The program, conducted in its employees. In addition, it continued with a series of partnership with the local communities, has already projects and protective devices that helped reduce or trained more than 45,000 people across 10 states. avoid road accidents involving employees and third-party workers, such as the use of robotic flagmen on highway construction and services. TABLE OF CONTENTS

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ESG PRINCIPLES ETHICAL CONDUCT DIVERSITY AND INCLUSION PRIVATE SOCIAL INVESTMENT RESPONDING TO THE PANDEMIC

96 BROOKFIELD 2020/2021 ESG MANAGEMENT 97

Be good stewards in the communities Conduct business according to the highest in which we operate ethical, legal/regulatory standards

Brookfield recognizes that good management of its businesses and assets contributes positively Brookfield operates its business activities in accordance with the highest to the development of the communities in which it operates. As a result, the company strives ethical standards and in compliance with legal and regulatory requirements, to manage the impacts of its activities in these regions and also undertakes a number of and with our Code of Business Conduct and Ethics.

philanthropic initiatives. > BRK AMBIENTAL OFFERS PROFESSIONAL TRAINING NTS REINFORCES COMPLIANCE INITIATIVES TO SOCIALLY VULNERABLE WOMEN In 2020, NTS launched the Compliance Olympics campaign The company has a social investment platform with high- to reinforce the importance of integrity in its business > impact projects that is replicated nationally with a focus dealings. The internal campaign was modeled after on local development and on care for women. One of the Olympics and each month, a new compliance topic their most important programs includes professional skills was presented and employees were able to test their training for female Venezuelan refugees and programs knowledge and compete through a series of quizzes, that assist socially vulnerable Brazilians to obtain work as games, videos, etc. The company also continued its plumbers and hydraulic installers in the city of Recife (PE). ‘Compliance Conversations’, a series of virtual events which in 2020 covered "Positive Work Environment", encouraging respectful coexistence in the organization.

ELERA ENGAGES THE COMMUNITY TO PROTECT WOMEN One of the community engagement efforts promoted by Elera is the "Women: Occupying Spaces and Guaranteeing Rights" program. The initiative sought to strengthen both public policies and the service network aimed at women in Ribas do Rio Pardo (MS), a municipality with high violence levels against women. Through workshops, important topics such as the new Feminicide Law, the guarantee of women's rights, Maria da Penha Law, and female participation in politics, were discussed. With input from women and local support, the project aims to create a Municipal Forum for Women's Rights in the region. TABLE OF CONTENTS

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ESG PRINCIPLES ETHICAL CONDUCT DIVERSITY AND INCLUSION PRIVATE SOCIAL INVESTMENT RESPONDING TO THE PANDEMIC

98 BROOKFIELD 2020/2021 ESG MANAGEMENT 99 Ethical conduct Diversity and Inclusion

Brookfield is committed to promoting ethics and integrity due diligence for acquisitions and the contracting of Brookfield believes that diversity and inclusion (D&I) are key elements of its culture. The in all its activities. The company distributes the Code of suppliers; communication and training; international company is committed to the creation of a diversified workforce reflective of each locations’ Business Conduct and Ethics and the Anti-Bribery and controls; reporting; and continuous monitoring. The Corruption Policy globally to ensure that all employees company also has a confidential Ethics Reporting Hotline, demographics, and an environment that allows every employee to develop to their potential. adhere to the same standard of behavior. These policies for raising concerns related to unethical, illegal or unsafe reinforce the company’s zero tolerance towards violation behavior. The Ethics Reporting Hotline is operated by an of laws and regulations. The Code of Business Conduct independent third party and is available 24 hours a day, 7 and Ethics and other related policies apply to all officers, days a week. In July 2020, a global Diversity Advisory Committee to the inclusion of under-represented groups. In support executives, and staff, as well as temporary employees. was established. Its goal is to provide insights and of this, Brookfield is planning to establish partnerships Brookfield has dedicated time and effort to ensure recommendations on the company’s existing efforts related with specialized organizations that will be able to provide In addition, Brookfield has implemented the Anti-Bribery compliance with the new Brazilian General Data Protection to D&I while seeking to expande the focus beyond gender, guidance and proper training. and Corruption (ABC) Program to help employees detect Law (Lei Geral de Proteção de Dados – LGPD). After reviewing prioritizing the participation of underrepresented groups in potential bribery and corruption scenarios and to ensure and mapping sensitive data to which it has access, the the workforce. As a result of discussions at the committee A D&I Employee Resource Group has been established

compliance with applicable regulations and laws. The company has implemented an action plan for making level, three courses of action were identified as priorities: in Brazil to, among other things, provide guidance on > ABC Program covers governance and commitments with the necessary adjustments to ensure it complies with diversity and inclusion at Brookfield in Brazil and to propose respect to senior management conduct; implementation, this legislation, among other initiatives, including the 1. RECRUITMENT, RETENTION AND DEVELOPMENT actions to be taken by the company’s senior leadership revision, and fine-tuning of policies; risk assessments; implementation of the Data Privacy and Policy Program. The Diversity Advisory Committee is designed to foster team. One of the starting points for implementing the D&I > the engagement of senior leadership and to support strategy in Brazil will be to undertake an analysis to better the review of key processes in talent management such understand the company’s demographics. Once the results as selection, retention, and promotion. One of the key of the analysis have been reviewed, a plan of action will be initiatives will be to diversify recruitment channels with developed and implemented in alignment with the global the help of specialized organizations. Diversity and Inclusion (D&I) strategy. AFFILIATIONS, PARTNERSHIPS AND STANDARDS Brookfield has partnered with leading organizations 2. COMMUNITY AND SOCIAL ENGAGEMENT to assist with the management of ESG. In early 2020, Within the asset management business and across the it became a signatory to the Principles for Responsible operating businesses globally, Brookfield is committed to Investment (PRI) underscoring its ongoing commitment contributing to communities around the world in various to responsible investment and ESG best practices. capacities. The Diversity Advisory Committee seeks to In Brazil, Brookfield renewed its adherence to the further expand the projects and initiatives the company initiatives of the Ethos Institute’s Corporate Pact for supports by focusing its effort on groups which have been Integrity and Against Corruption. under-represented. Among the key priorities is more involvement in activities that promote inclusion through The company also maintained its membership education and professional training. and affiliation with other organizations such as Accounting for Sustainability (A4S), Business for Social 3. D&I LEARNING AND EDUCATION Responsibility (BSR) and the Sustainability Accounting The Diversity Advisory Committee plans to hold education Standards Board (SASB) Alliance. Further, Brookfield sessions with a goal to establishing a greater understanding continues the work to align with the recommendations of D&I from a behavioral perspective. A key theme of of the Task Force on Climate-related Financial these sessions will be a greater understanding around the Disclosures (TCFD) and is following an implementation consequences of ‘unconscious bias’ which can be a barrier roadmap for continued progress. TABLE OF CONTENTS

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ESG PRINCIPLES ETHICAL CONDUCT DIVERSITY AND INCLUSION PRIVATE SOCIAL INVESTMENT RESPONDING TO THE PANDEMIC

100 BROOKFIELD 2020/2021 ESG MANAGEMENT 101

Private social investment

Brookfield is committed to promoting the responsible development of its surrounding communities through various business and philanthropic outreach initiatives, including the sponsorship of cultural, educational, and civic projects. Below is a listing of its partner organizations.

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OSB digital initiatives

Brazilian Symphony Orchestra (OSB)

Since 2010, Brookfield has partnered with the Brazilian Espírito Santo, and Rio de Janeiro) took part in online classes Symphony Orchestra (OSB), the most well-known symphony totaling 1,200 hours. To further expand the reach of the orchestra in the country. Another Brookfield portfolio project, classes were shared on YouTube and Facebook, company, NTS, is the primary sponsor of the OSB. Through with total views of 200,000. these partnerships, OSB runs the Conexões Musicais (Musical Connections), a program for musical training in the During the course of 2020, the orchestra held three onsite communities where NTS operates. performances prior to the pandemic—at which point (in March 2020), performances moved online. A total of The initiative is responsible for selecting local talent, 15 online symphony concerts and 10 live performances teaching music classes, training teachers from the public featuring Brazilian music were held. A special content school network in musical education and holding free series – To Hear is to Believe, Live from Home, Jukebox OSB, performances for local residents. During the year, students among others – were also streamed online, attracting a total

from five states (São Paulo, Pará, Mato Grosso do Sul, audience of nine million people. OSB concert TABLE OF CONTENTS

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ESG PRINCIPLES ETHICAL CONDUCT DIVERSITY AND INCLUSION PRIVATE SOCIAL INVESTMENT RESPONDING TO THE PANDEMIC

102 BROOKFIELD 2020/2021 ESG MANAGEMENT 103

Juntos Program

For four years now, Brookfield has supported the development of a knowledge base to support and influence Together for Sustainable Development Program public service management; 3) mobilization of communities (Programa Juntos pelo Desenvolvimento Sustentável) with for the exchange of knowledge/experiences; and 4) the aim of improving government managerial capabilities development of skills among public sector managers. in Brazil. This initiative is spearheaded by Comunitas, a non-profit organization with the prime objective of One of Comunitas’ key functions in 2020 was its important encouraging the participation of private initiatives in the role in tackling the pandemic. The organization provided country’s social and economic development. A coalition support to governments in several different states, of corporate leaders invests both financial resources supporting the needs of public hospitals, mobilizing and business expertise to support the preparation and resources for vulnerable communities, creating physical implementation of projects in partnership with municipal distancing protocols, developing economic recovery plans, and state governments. and supporting a return to the classroom. This work was compiled in a publication entitled “Covid 19, Public- This partnership facilitates four key outcomes: 1) Private Governance and the Legacy for Brazil” (Covid-19: improvement of management and public services; 2) Governança Público-Privada e o Legado para o Brasil).

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Business leaders meeting of the Together Program

Online activities for students

Estrela Dalva

Since 2007, Brookfield has supported the Apontar development of ethical behavior, creativity, curiosity, Institute’s Estrela Dalva Program for preparing among other qualities. In 2020, 65 students took part in academically talented children and adolescents from low- the initiative, completing the preparatory classes for the income communities in gaining a spot at public schools of examinations. However, due to the pandemic, admission excellence in Rio de Janeiro, promoting the development of exams were not carried out until the end of the year. cognitive and behavioral skills. The corporate sponsorship by Brookfield and the additional Every year, the Program is responsible for running support by Brookfield employees through the company’s a selection process for elementary school students. Matching Donation program enabled 123 tablets with The selected group is given classes in Portuguese, internet connection to be purchased. These students were mathematics, writing and preparation for the entrance then able to take part in online classes at the same time, examinations—and have the opportunity to take part helping to develop new digital skills while allowing them to in cultural programs and activities that support the continue their studies during the pandemic. TABLE OF CONTENTS

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ESG PRINCIPLES ETHICAL CONDUCT DIVERSITY AND INCLUSION PRIVATE SOCIAL INVESTMENT RESPONDING TO THE PANDEMIC

104 BROOKFIELD 2020/2021 NOME DA SESSÃO 105 Responding to the pandemic

The year 2020 was marked by COVID-19, deemed by many to be of the worst health and humanitarian crises in history, with countless social, environmental, and economic ramifications. Brookfield’s first priority was to protect its employees and consequently their families. Work areas and movements through the office were reorganized in order to ensure that physical distancing and hygiene protocols were maintained, and every employee was provided PPE, such as masks and

hand sanitizer. > In parallel, the company worked to ensure uninterrupted • Provide hospital beds in ICUs service delivery across all of its operations, especially those • Purchase of equipment and hospital supplies, providing essential services to both the population and the including respirators > Brazilian economy, including logistics, basic sanitation, power • Repair mechanical ventilators generation and transmission and natural gas transportation. • Provide personal protective equipment (PPE) for health workers Conscious of the societal impact of the pandemic, Brookfield • Donations to public health systems and its portfolio companies in Brazil made the decision to join • Provide cleansing and personal hygiene kits for forces to protect and care for the health of the population, various communities as well as provide humanitarian assistance to those most in • Purchase rapid COVID tests need. Together, the companies donated more than BRL 32 • Provide humanitarian help for vulnerable families million to various social and healthcare organizations, public • Donations to educational NGOs to help low-income sector and not-for-profit organizations located in several adolescents with their online classes Brazilian states. Resources were allocated to: Donations were also received from employees through the company’s internal donation matching program launched in Brazil in May 2020. Under this program, for every BRL 1 donated by an employee, Brookfield donated a matching BRL 2 to the employees’ institution of choice. A total of BRL 250,000 was raised through this initiative. Other Brookfield portfolio companies ran similar internal fundraising campaigns with engagement from their teams.

Initiatives supported by Brookfield and its portfolio companies TABLE OF CONTENTS

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106 BROOKFIELD 2020/2021 FINANCIAL INFORMATION 107

Combined Combined Financial Results Information Information

FOR THE YEAR ENDED DECEMBER 31, 2020 (BRL MILLION)¹ FOR THE YEAR ENDED DECEMBER 31, 2020 (BRL MILLION)¹

INFRASTRUC- POWER PRIVATE 2 INFRASTRUC- POWER PRIVATE 2 PROPERTY TIMBERLANDS AGRICULTURE OTHERS COMBINED PROPERTY TIMBERLANDS AGRICULTURE OTHERS COMBINED TURE GENERATION EQUITY TURE GENERATION EQUITY

Cash and equivalents 1,682.7 5,594.4 595.0 38.3 159.1 1,686.9 89.1 9,845.4 6.75% 71.74% 5.77% 1.39% 1.45% 13.08% -0.17% > Accounts receivable 358.3 2,610.1 893.1 134.9 16.4 3,645.0 368.2 8,026.0 Gross operating revenue 1,958.7 20,832.5 1,674.8 402.9 420.2 3,799.7 (49.5) 29,039.3 > Inventories 4,299.8 1.9 - 5.4 93.8 33.0 9.2 4,443.1

Taxes on sales (26.1) (1,661.8) (74.4) (22.0) (8.3) (324.7) (3.3) (2,120.6) ASSETS Deferred taxes 148.5 3,717.0 - 10.2 65.5 181.1 - 4,122.3

NET OPERATING Other assets 1,738.2 90,525.6 273.0 2.0 1,880.1 1,663.7 29.0 96,111.6 1,932.7 19,170.7 1,600.4 380.9 411.8 3,475.0 (52.8) 26,918.7 REVENUE

Investments / 11,108.6 - 16,038.3 3,992.8 1,565.8 12,178.9 195.4 45,079.8 Operating assets Operating costs (969.1) (8,228.7) (397.4) (18.7) (270.0) (1,674.4) (115.5) (11,673.8)

TOTAL ASSETS 19,336.1 102,448.9 17,799.4 4,183.6 3,780.7 19,388.7 690.9 167,628.3 NET REVENUE LESS 963.5 10,942.0 1,203.0 362.2 141.8 1,800.5 (168.3) 15,244.9 OPERATING COSTS Loans and financing 2,761.9 34,036.9 2,376.3 1,282.6 214.3 8,674.1 - 49,346.1

Deferred taxes 1,224.9 10,834.6 80.7 701.1 710.9 2,052.7 10.5 15,615.3 Realized gains (losses) ------

Other liabilities 4,191.5 16,013.1 1,626.9 197.7 352.6 2,559.0 168.6 25,109.3 Revenue from investment ------57.0 57.0 portfolio management 3

Equity 11,157.8 41,564.3 13,715.6 2,002.3 2,502.9 6,102.8 511.3 77,557.5 Sales, general and (474.1) (125.0) 273.6 (11.0) 89.6 (670.2) (80.9) (997.9) administrative expenses TOTAL LIABILITIES 19,336.1 102,448.9 17,799.4 4,183.6 3,780.7 19,388.7 690.3 167,628.3 LIABILITIES AND SHAREHOLDER'S EQUITY

BROOKFIELD'S EBITDA 489.5 10,817.0 1,476.6 351.3 231.4 1,130.4 (192.2) 14,304.0 6,029.6 8,258.1 8,772.5 574.9 1,638.6 1,852.0 237.5 27,363.2 SHARE

1 This annual report presents the combined financial statements and results of all our operations in Brazil (considering full participation in assets), 1 This annual report presents the combined financ ial statements and results of all our operations in Brazil (con sidering full participation in assets), including groups of including groups of management assets, operating units and other assets, based on international financial reporting standards (IFRS) and specific management assets, operating units and other assets, based on international financial reporting standards (IFRS) and specific non-accounting measures. non-accounting measures. 2 It includes the balance sheets of assets and liabilities of companies and other holdings not highlighted in the previous columns. 2 It includes the balance sheets of assets and liabilities of companies and other holdings not highlighted in the previous columns.. 3 Proportional to the participation of the minority investors. TABLE OF CONTENTS

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108 BROOKFIELD 2020/2021 TEAM 109

Team

Brookfield Asset Management - Brookfield Private Equity Group Brookfield - Agriculture NTS Corporate ALEXANDRE THIOLLIER RENATO C. CAVALINI WONG LOON HENRIQUE CARSALADE MARTINS Managing Director, Investments Managing Partner & Regional Head CEO, NTS Managing Partner & CEO Latin America ANA LUCIA POÇAS ZAMBELLI Arteris Ouro Verde LUIZ I. SIMÕES LOPES Managing Director, Business Operations Managing Partner & Vice Chair SERGIO MONIZ BARRETO GARCIA CLAUDIO ZATTAR FELIPE CARDOSO DE GUSMÃO CUNHA CEO, Arteris CEO, Ouro Verde PAULO GARCIA Senior Vice President, Business Operations

Managing Partner, Legal & Regulatory SIMONE BORSATO RICARDO FERNANDES PEREIRA

Brookfield Renewable Power Group CFO, Arteris CFO, Ouro Verde > ESTEBAN FORNASAR CFO Brasil ANDRE FLORES RODRIGUES Ascenty Quantum Managing Partner > ARTHUR AZEVEDO DE ALBUQUERQUE GABRIEL LÓPEZ MORENO CHRIS TORTO Senior Vice President, Human Resources DINA VAINZOF STORCH CEO, Quantum CEO, Ascenty Senior Vice President, Investments MARCOS KOVACS Tegra Senior Vice President, Internal Audit Brookfield Real Estate Group ANDRÉ NERIS CFO, Ascenty SANDRO JANUZZI PERES UBIRAJARA SPESSOTTO DE CAMARGO FREITAS ROBERTO PERRONI Senior Vice President, Tax CEO, Tegra Incorporadora Managing Partner & Regional Head BRK Ambiental CARLOS EDUARDO MORAES CALHEIROS Brookfield Infrastructure Group TERESA VERNAGLIA HILTON REJMAN CFO, Tegra Incorporadora Managing Director, Portfolio Management CEO, BRK Ambiental MARCOS PINTO ALMEIDA Managing Partner, Head of Latin America MARCELO VAINSTEIN SERGIO GARRIDO DE BARROS VLI Managing Director, Investments CFO, BRK Ambiental FERNANDO ZIZIOTTI ERNESTO POUSADA Managing Director, Investments ELAD ARGAMAN Elera Renováveis CEO, VLI Senior Vice President RONALD PAZ FERNANDO MANO FABIO TADEU MARCHIORI GAMA Managing Director, Investments FILIPE VASCONCELOS CEO, Elera Renováveis CFO, VLI Senior Vice President BRUNO HENRIQUE LOPEZ LIMA NILTON L. F. DE OLIVEIRA Senior Vice President, Portfolio Management Brookfield - Timber CFO, Elera Renováveis

FABIANO LIRANCOS SANCHEZ CFO, Brookfield Brazil Timber Fund

HENRIQUE ARETZ Senior Vice President, Investments

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110 BROOKFIELD 2020/2021

Corporate Offices

Brookfield Brookfield in Brazil Asset Management

SÃO PAULO TORONTO – CANADA Avenida das Nações Unidas, 14261 Brookfield Place, Suite 300 181 Edifício WT Morumbi – Ala B – 20º andar Bay Street Morumbi – São Paulo – SP – CEP 04794-000 Toronto – ON – M5J 2T3 Telephone +55 (11) 2540 9150 Telephone +1 416 363 9491

RIO DE JANEIRO NEW YORK – UNITED STATES

Avenida Antônio Gallotti, s/nº Brookfield Place > Edifício Pacific Tower – BL 2 – 2º andar 250 Vesey Street, 15th floor Barra da Tijuca – Rio de Janeiro – RJ – CEP 22775-029 New York – NY – 10281-1023 Telephone +55 (21) 3725-7800 Telephone +1 212 417 7000 >

LONDON – UNITED KINGDOM One Canada Square Level 25 Canary Wharf London – E14 5AA – United Kingdom Telephone +44 20 7659 3500

SYDNEY – AUSTRALIA Level 22 135 King Street Sydney – NSW 2000 Telephone +61 2 9158 5100

250 Vesey Street, NY TABLE OF CONTENTS

112 BROOKFIELD 2020/2021

brookfield.com [email protected]

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